Junior ISA Providers
Junior ISAs for children and young people in care are held with a number of providers who have offered to provide account facilities. The Share Foundation contacted all Junior ISA providers (both Stocks & Shares and Cash) during 2012 to ask them to put forward their account proposals, and welcome any further interest from providers.
Accounts need to relate to the young people's age and, where appropriate, specific cultural needs (eg Sharia). We therefore value receiving a selection of account styles where appropriate from those providers who wish to participate.
Account allocation avoids any potential conflict of interest, as The Share Foundation Board of Trustees includes a member from one of the Junior ISA providers. Accounts include extra cautious Junior ISAs for ages 15 to 17, a defensive or cautious fund management style for ages 9 to 14, and a balanced general style for ages up to 8 years old.
Junior ISA providers who wish to take part can download a 'Guide for Junior ISA Providers'. This sets out the arrangements in more detail, including the provisions for bulk account opening and payment of contributions, and electronic reporting. A quarterly data file with digital account value information is extensively used to provide reporting to Local Authorities, the Department for Education, carers and young people.
The ISA/JISA regulations issued by HM Revenue & Customs contain the necessary provisions to enable The Share Foundation to open accounts as Recognised Contact, and to do so in bulk on the basis of a single declaration/authorisation for each provider.
Participating Providers to date: